Connect with us

Business

Rama Steel Tubes Shares Surge Following Strategic Collaborations

Published

1 week ago

on

Rama Steel Tubes Company Logo

Shares of Rama Steel Tubes Ltd witnessed a significant increase today, reaching the upper circuit limit of 20 percent, trading at ₹14. This marks the continuation of a bullish trend, following a 10 percent surge in the preceding session, resulting in a total gain of 32 percent over the last two trading days.

The surge in investor confidence is primarily attributed to two recent strategic developments. Firstly, on Wednesday, Rama Steel Tubes announced a collaboration with Onix Renewable Ltd., aimed at supporting green and renewable energy projects. This partnership will utilize Rama Steel Tubes’ expertise in providing essential steel structures, including single-axis trackers, for solar initiatives.

Furthermore, the company highlighted its expansion into the green energy sector through the development of specialized steel structures and tracker tubes that are vital for solar greenfield projects. CEO Richi Bansal stated, “We are proud to announce our entry into the Green Energy segment and are determined to deliver products that ensure the highest standards of reliability, durability, and performance.”

In addition, Rama Steel Tubes has announced the formation of a wholly-owned subsidiary, Rama Defence Private Limited. This new entity will focus on the defence sector, involving the trading, importing, exporting, manufacturing, assembling, and supplying of defence equipment and related military hardware.

Established in 1974, Rama Steel Tubes Ltd. has successfully expanded its footprint globally, operating in over 16 countries. Exports represent approximately 10-20 percent of its total business, with subsidiaries located in the UAE and a step-down subsidiary in Nigeria further enhancing its international market presence.

The company’s latest financial results show a production capacity of 294,000 metric tonnes for FY23, with plans to increase this capacity to 394,000 metric tonnes by FY25. Their total consolidated revenue from operations for the June ending quarter (Q1FY25) was reported at ₹216.64 crore.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.